The battle in the plastic industry among local, foreign rivals
Plastics companies’ high growth rate of 11 percent in the last five years has attracted the interest of foreign companies. Many Vietnamese plastics companies have become targets of foreign conglomerates planning to conquer the Vietnamese market. Thai SCG Group, for example, not only has a 20 percent stake in Binh Minh Plastics, considered the ‘trump card’ in the southern market, but also has 23.84 percent stake in Tien Phong Plastics, a 50-year-old company in the north. Besides, through its subsidiary TC Flexible Packaging, SCG has spent $44.4 million to acquire an 80 percent stake of Batico, one of five plastic packaging manufacturers. SCG’s President Kan Trakulhoon said that SCG would spend more money to expand its market share in Vietnam.
